YORK, Pa. – The Educational Improvement Tax Credit Program was approved in Pennsylvania in 2001. EITC provides tax credits to eligible businesses that give to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization. Furthermore, OSTCP, provides tax credits to eligible businesses contributing to an Opportunity Scholarship Organization.
Businesses wishing to donate must be approved. According to the Pennsylvania Department of Community and Economic Development, “an approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter; Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and is not refundable or transferable.”
Due to the budget impasse, the approval letters were not sent to businesses until December 24. They only have until December 31 to donate.
”If they don’t come by December 31 then, those contributions are lost for 2015. That’d be devastating,” said Aaron Anderson, CEO and Head of Schools for Logos Academy in York. The school already had to extent their credit limit.
Anderson does not feel the school is at risk of closing. However, he says they must prepare for the worst case scenario. They only want their students to focus on getting an education.
